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ANZ Bank Automation Leads to Job Cuts in Commercial Banking Operations

ByEditor

Feb 13, 2024
ANZ Bank in Australia to Cut 170 Business Banking Jobs, According to Union

Australian banks are continuing to automate their businesses and utilize technology to reengineer back-office operations, resulting in job cuts across the industry. ANZ Group, Australia’s fourth-largest bank, has announced plans to cut 170 jobs from its commercial banking operations, according to a workers’ union report on Tuesday.

While ANZ did not confirm the exact number of job cuts, the bank stated that changes in headcount would enable them to better support customers through branches and digital platforms. They also expressed their commitment to investing in data and technology. A spokesperson for the bank mentioned that they are confident many of the affected employees will find alternative roles within the organization.

Wendy Streets, national president of the Finance Sector Union, criticized ANZ, accusing the bank of being solely focused on profits. She mentioned the bank’s substantial profit of A$7 billion last year and questioned their motivation for pushing out staff. However, ANZ’s last annual report shows that they achieved a record annual profit while maintaining a total headcount of 40,000. In addition, first-quarter group revenue was in line with the first-half revenue average for fiscal 2023. This suggests that ANZ is not solely focused on profits but also investing in growth and innovation while managing costs effectively.

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